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Michael Saylor of MicroStrategy points to spot Bitcoin ETF submissions and the forthcoming halving as positive indicators.
Michael Saylor, the founder and executive chairman of MicroStrategy, spoke about his company’s Bitcoin investments during a CNBC interview on November 2.
Saylor initially addressed his company’s total Bitcoin holdings of 158,400 BTC, remarking: “You can never have too much Bitcoin … we’re big bitcoin bulls.”
He then talked about the potential approval of a spot Bitcoin ETF and its possible impact on investor interest in MicroStrategy stock (MSTR). Saylor stated:
“I think it’s going to help. It’s going to accelerate adoption and it’s also going to accelerate institutional awareness and education efforts of Wall Street to teach the 99% of investors that don’t know about Bitcoin what it’s all about.”
He characterized MicroStrategy as a “differentiated offering,” highlighting that his company does not impose a fee and employs intelligent leverage to create a tax-deferred Bitcoin premium for its investors. He referred to this as a “pretty attractive” alternative to a spot Bitcoin ETF.
Lastly, Saylor addressed the upcoming Bitcoin halving, which will cut miner block rewards by 50% in 2024. He pointed out that this event is likely to reduce the volume of Bitcoin miners sell into the market from $12 billion to $6 billion, thus heightening demand for existing Bitcoin. He mentioned that, along with demand driven by ETFs, the halving is the reason he and many others are “fairly bullish over the next twelve months.”
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CNBC also brought up several recent controversies in the crypto space, including the criminal trial of Sam Bankman-Fried and Israel’s limitations on Binance accounts associated with Hamas.
While he did not specifically address those matters, Saylor asserted that the crypto sector needs to “migrate to adult supervision,” with major banks acting as crypto custodians and Wall Street playing a role. He also emphasized the need to transition from altcoins to Bitcoin, describing it as the one universally acknowledged crypto commodity. He stated:
“When the industry takes its eyes away from the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we 10X from here.”
Saylor conducted the interview just a day after MicroStrategy released its quarterly earnings report. In that report, the company revealed that it has acquired $167 million worth of Bitcoin since the conclusion of Q2 2023 and now possesses over $4 billion in Bitcoin overall.
MicroStrategy began purchasing Bitcoin in 2020. It is the publicly traded company with the largest Bitcoin holdings, outpacing other buyers like Marathon and Tesla.
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